Police have issued an arrest warrant for 54-year-old Dao Thanh Truong, former director of the Vietnam Export Import Bank's Binh Duong Branch,on charges of swindling to appropriate property.
Investigators said Truong had instructed his subordinates to find about 40 residents who own rubber plants to mortgage their land titles to obtain loans.
Truong paid these residents about five percent of the loans and took the rest to invest in dozens of land plots in Binh Duong's new urban area.
In December 2011, Truong instructed the bank employee Le Phuong Sang, 48, to borrow VND6.5 billion from three customers to pay the earlier debt after the property market slowed down and he was unable to sell the invested land plots.
However the amount was too meager and Truong fled after being unable to repay his debts. Police did not say when Truong fled.
Residents that Sang borrowed money from lodged complaints with local police after they failed to get their money back.
Sang and four others have been arrested for their involvement in the case.
In a July 28 report, VnExpress quoted an unnamed source as saying inspections found Truong had borrowed VND135 billion on the rubber plant owners' land titles.